Currency Grow (CA & SEBI Reg IA Omkar Bhutada) · 14th May
Cipla Ltd is showing one of the cleaner cup breakout continuation structures among the charts you've shared.
CIPLA
Technical Structure
A rounded cup pattern formed after a prolonged correction and base-building phase.
Price has now decisively reclaimed the neckline zone around ₹1410–1420.
The breakout candle is wide-range and impulsive — typically a sign of strong institutional participation.
Price is also comfortably above the long-term support line (purple MA), keeping the larger trend healthy.
What stands out here
Multi-month base → breakout → expansion sequence.
Strong recovery from ₹1180–1200 lows.
Breakout happened near prior supply, increasing significance.
The structure suggests transition from accumulation to markup phase.
Key Levels
Breakout Zone
₹1410–1420
Immediate Support
₹1360
Major Support
₹1280–1300
Pattern Projection
Using cup depth measurement:
Target 1: ₹1500–1520
Target 2: ₹1560–1600
The arrow projection on the chart aligns with this measured move.
Elliott Wave Perspective
Possible count:
Wave (1): Recovery from lows
Wave (2): Consolidation inside the cup
Current breakout may represent early Wave (3)
If Wave 3 unfolds, price generally travels faster and farther than expected.
Among your recent healthcare names (KIMS, Metropolis, Biocon, Cipla), this setup ranks high because:
Clear base formation
Breakout already triggered
Strong candle at neckline
Trend support still intact
This looks more like an active breakout than a “watchlist candidate.”